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  • FIRST POST
    • simonineaston
    • By simonineaston 2nd Apr 17, 7:14 PM
    • 86Posts
    • 32Thanks
    simonineaston
    60 + property - why?
    • #1
    • 2nd Apr 17, 7:14 PM
    60 + property - why? 2nd Apr 17 at 7:14 PM
    Hi folks, I'm 62 next birthday and sometimes I feel like it, sometimes I don't! Today I went for an 8 mile walk with a younger chum and thoroughly enjoyed it. On the way back we swung by the old chocolate factory in Keynsham, which is in the middle of being converted into a huge block of flats. (Yes, the same choccy factory Kraft bought off Cadburys, promising they wouldn't close it and no-one would lose their jobs...)
    Anyway, my question is this. A lot, if not all, of the accomodation is being marketed as retirement homes.( http://thechocolatequarter.org.uk) What gives? What are the pluses for the buyer, and given that there's never ever any such thing as a free lunch, what's in it for vendor?? Why don't they market them straight-fowardly as first come, first served, or is it a simple case of the old 'uns being the only folk with enough money to buy places like these?
Page 3
    • Savvy_Sue
    • By Savvy_Sue 3rd Aug 17, 9:25 PM
    • 37,730 Posts
    • 34,058 Thanks
    Savvy_Sue
    I am also investigating how easy it would be to sell.
    Originally posted by JuneBow
    That is VERY important, and make sure you do your own research rather than just consulting local estate agents. These properties can be a) very difficult to sell and b) very difficult to sell other than by taking a huge price drop over what you first ask.

    Of course, that can also put you in a strong bargaining position: if a flat you fancy has been on the market for a while, it's because it's over-priced ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • JuneBow
    • By JuneBow 4th Aug 17, 9:33 AM
    • 249 Posts
    • 200 Thanks
    JuneBow
    It is the resale issue which troubles me most. Everything else you know what you are signing up for.
    I have a good relationship with most of the estate agents in the area so will talk to them.
    I spoke to a friend who is a probate solicitor and she doesn't say there are problems. But want to double check with agents.
    I also need to look into whether there are letting restrictions.
    I looked last night and there are lounges etc which would have to be paid for. But they still are amazingly cheap compared to other similar sized flats. I am presuming it is because the market for them is smaller. I also don't want the noise of young adults around me. I have just got rid of my own and don't want anyone else's.
    I need to do my sums because it is a big commitment and I can't afford to get it wrong.
    • alanq
    • By alanq 4th Aug 17, 10:33 AM
    • 3,775 Posts
    • 2,425 Thanks
    alanq
    I also don't want the noise of young adults around me.
    Originally posted by JuneBow
    It is not just young people who make noise. When my Aunt was living in sheltered housing and had normal hearing she was very disturbed by a neighbour, who was hard of hearing, having her TV on full blast.
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • seven-day-weekend
    • By seven-day-weekend 4th Aug 17, 11:38 AM
    • 29,479 Posts
    • 55,126 Thanks
    seven-day-weekend
    Did anyone see those programmes where they put older people from a residential home with young kids and found it improved the residents' mental and physical health? I think it might do the opposite for me ha ha, but the point was made that elderly people mixing exclusively with elderly people is generally not a good thing. That's what would worry me about moving to a retirement set up.
    I quite like the idea of community though - especially as I have no close family and am not getting any younger. I go through spates of researching them. This is quite an interesting site
    http://www.diggersanddreamers.org.uk/
    The proposed Community for Youthful Retirees sounds interesting!
    http://www.diggersanddreamers.org.uk/noticeboards/people/message-of-day
    But many housing projects seem to be inner city and that's not for me. Plus others are of the nut cutlet yoghurt knitting co-op variety and that's not for me either.
    Originally posted by pineapple
    Which makes places accessible for those who can't/ don't/ no longer drive. Sensible choice of location, imho.
    To love someone is to learn the song in their heart and to sing it to them when they have forgotten it
    'I believe in Christianity as I believe that the sun has risen. Not only because I see it, but because I see everything by it': C.S. Lewis
    St. Augustine — 'In essentials, unity; in non-essentials, liberty; in all things, charity.'
    • pineapple
    • By pineapple 4th Aug 17, 1:42 PM
    • 5,939 Posts
    • 27,910 Thanks
    pineapple
    Which makes places accessible for those who can't/ don't/ no longer drive. Sensible choice of location, imho.
    Originally posted by seven-day-weekend
    Maybe you have never lived anywhere but a city. You can have accessible places without being inner city. I can straight away think of two very small towns and also a village near where I used to live.
    Even the village has a good range of shops with excellent facilities - including medical and transport. But the towns have everything you are likely to need, plus being compact they have a good community feel, are easy to get around and are as accessible as you could wish for - with rail links into the bargain. Plus they are surrounded by glorious countryside.
    Last edited by pineapple; 04-08-2017 at 1:50 PM.
    • seven-day-weekend
    • By seven-day-weekend 4th Aug 17, 1:49 PM
    • 29,479 Posts
    • 55,126 Thanks
    seven-day-weekend
    Maybe you have never lived anywhere but a city so perhaps you don't realise that you can have accessible places without being inner city. I can straight away think of two very small towns and also a village near where I used to live.
    Even the village has a good range of shops with excellent facilities - including medical and transport. But the towns have everything you are likely to need, plus being compact they are easy to get around and are as accessible as you could wish for - with rail links into the bargain. They are also surrounded by glorious countryside.
    Originally posted by pineapple
    Oh yes I understand that and was using the term 'inner-city' to mean small towns too.

    I live now on the edge of a city (and in fact on the edge of a Conurbation), and we too have lovely countryside a few minutes walk away. There are quite a few retirement complexes in this location.

    I thought you meant they should be way out in the countryside.
    To love someone is to learn the song in their heart and to sing it to them when they have forgotten it
    'I believe in Christianity as I believe that the sun has risen. Not only because I see it, but because I see everything by it': C.S. Lewis
    St. Augustine — 'In essentials, unity; in non-essentials, liberty; in all things, charity.'
    • Thebestmumalive
    • By Thebestmumalive 28th Aug 17, 9:34 AM
    • 75 Posts
    • 27 Thanks
    Thebestmumalive
    We helped my mother in law move into an over 55's flat in January. She was widowed about 5 years ago and her house was too big and needed a lot of work. At 83 she was still climbing in and out of the bath. It was also in a village so she was still driving to the doctors, hospital, supermarket etc.

    The flat is right in the middle of a town she is very familiar with. The bus station is on the door step, as is the shopping centre and her GP. We feel she is safe and able to continue independent living for quite a few more years.

    On the other hand, my mother is 75 and still living in her own home. I have asked her to think about moving into one of these flats but we both feel it is too soon for her.

    There is no doubt that they are expensive, and not a good investment - but sometimes you just need to keep your loved ones safe and give them the chance of independence for as long as possible
    • pineapple
    • By pineapple 28th Aug 17, 11:51 AM
    • 5,939 Posts
    • 27,910 Thanks
    pineapple
    There is no doubt that they are expensive, and not a good investment - but sometimes you just need to keep your loved ones safe and give them the chance of independence for as long as possible
    Originally posted by Thebestmumalive
    When a big detached Victorian house came on the market in our town (Ilkley), we proposed to my parents that we buy it together and convert part of it to a separate flat for them. My Dad loved Ilkley and the idea generally but my mother refused to move. Just a few years down the line we all wished we had taken that step.
    • SamsReturn
    • By SamsReturn 17th Sep 17, 2:44 PM
    • 1,182 Posts
    • 2,126 Thanks
    SamsReturn
    PaulLewis. R4 Moneybox, has been doing lots about these type of places the last couple of weeks, and people are losing thousands. He gave examples of people paying £160k 5/6 yrs ago and now they can't sell it even though they've reduced it to below £100k.
    • margaretclare
    • By margaretclare 12th Oct 17, 2:29 PM
    • 10,256 Posts
    • 17,049 Thanks
    margaretclare
    Have a look at this:

    https://cherryorchardhomesandvillages.com

    This is going to be a development locally and we're going to a presentation about it this evening. The former MP Ann Widdecombe is the guest speaker.

    Just curious, you understand. I can't imagine us ever wanting to go after something like this.
    Last edited by margaretclare; 12-10-2017 at 2:49 PM.
    Ær ic wisdom funde, ær wearð ic eald.
    Before I found wisdom, I became old.
    • JuneBow
    • By JuneBow 13th Oct 17, 10:11 PM
    • 249 Posts
    • 200 Thanks
    JuneBow
    PaulLewis. R4 Moneybox, has been doing lots about these type of places the last couple of weeks, and people are losing thousands. He gave examples of people paying £160k 5/6 yrs ago and now they can't sell it even though they've reduced it to below £100k.
    Originally posted by SamsReturn
    My friend's mother was very reluctant to buy a property like this for that very reason. She was concerned that the family would "lose out" when she died. In fact the family couldn't have cared less about the money and had been nagging her for a couple of years to get one.
    She is 89 and has a very active and varied social life. She is always on the go. But she bought one a few months ago. She got a bargain, because of this reason.
    She says it's one of the best thing she ever did. The family are delighted as they no longer worry about her so much.
    She often goes on holiday so it is ideal that she can leave it. In fact she is off to the far east next week for three weeks. She has met a couple of people she knew from school. So more socialising. Not that she needs any more. Apparently a few of them organise evenings in together, trips etc.
    She bought one of the bigger two bed ones as she often has grown up grandchildren and great grandchildren staying. Apparently the two beds are more popular as a lot of people have family visit.
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